Yes. Personally, I like to say: "The only thing necessary for the triumph of evil is to separate it from good men with enough levels of abstraction".

Or as the great HN quote goes,

"Any sufficiently advanced business model is indistinguishable from a scam." -- dsirijus, https://news.ycombinator.com/item?id=8227941

ChuckMcM offered an illustration of how this innovation has played out in higher education here a few years ago that has stuck with me:

I think it is even worse than simply "easy credit", I think the rewards built in encourage exploitation. Allow me to explain.

1) You have capital seeking a return.

2) There exists a basic need that can be facilitated by the application of capital (a degree for a "good job").

3) You remove all the risk out of providing capital for filling the need through government guarantees.

4) You provide a rate of return that is higher than the government guaranteed rate on their own capital instruments (treasury bills).

#4 there, which gives you higher returns on low risk investments, creates a demand for those instruments. And that demand causes a supply of instruments to be created. And the regulation on that supply is minimal.

The result is you get financial institutions giving loans to students for useless degrees at inflated cost institutions knowing that the government has made defaulting nearly impossible (hence the low risk) and they can offer better rates than t-bills.

Students are being exploited exactly like unqualified home buyers were being exploited in the mortgage fiasco of 2008.

What annoys me about the journalistic coverage is that the 'rage views' are "Students are graduating with few prospects from college and a mountain of debt" whereas the bigger story is that "Rich people demanding higher returns, enslave unsuspecting youth through their loan seller proxies."

https://news.ycombinator.com/item?id=6225976

Then there is this observation by dsirijus a few years back which now with the ICO craze seems ever truer:

Any sufficiently advanced business model is indistinguishable from a scam.

https://news.ycombinator.com/item?id=8227941

It has already been said, but it bears repeating:

"Any sufficiently advanced business model is indistinguishable from a scam."

https://news.ycombinator.com/item?id=8227941